17-Feb-10 10:00 AM CST
Walgreens Will Buy Duane Reade
Walgreens has agreed to buy the New York City retail pharmacy chain Duane Reade in a $1.1 billion deal reached on Wednesday.
In addition to the $623 million Walgreens has agreed to pay, it will also be assuming Duane Reade’s $457 million debt. In a statement to the New York Times, Walgreens chief executive Gregory D. Wasson called the deal a strategic acquisition that would help expand operations in New York.
Walgreens would be acquiring the retail pharmacy chain from Oak Hill Capital Partners, a private equity firm that purchased Duane Reade in 2004. Walgreens has not decided how it will integrate the Duane Reade stores, but it said that the Duane Reade stores will keep their name after the deal closes. The deal is expected to become final on August 31.
Walgreens currently owns about 7,034 drugstores operating across all 50 states, making it the largest retail drugstore chain in the U.S. Duane Reade, founded in 1960, has 257 stores operating in the New York City metropolitan area. It is known for its high volume, small store layouts in densely populated regions of Manhattan.
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As a former employee of Walgreen's and a CPhT, I am happy to see Walgreen's expand. They are a great company to work for. Best of luck with the new stores.
I have always had the greatest respect for Walgreen as a corporate good neighbor and a Proactive organization in our Industry starting with the inception of Community Clinical care based at Cincinnati, Ohio. I congradulate Walgreens on this new aquisition especially in as much as I reside in Buffalo, New York and wouild Love to see Pharmacy based Clinical Care initiated here in my home state. I am a recent graduate of the Statwe University o@Buffalo School of